Forex Forecast : Rate Predictions For GBP, USD, EUR, AUD, CAD, CHF

19 May 2011 at 4 PM - Written by John Cameron

STORY LINK Forex Forecast : Rate Predictions For GBP, USD, EUR, AUD, CAD, CHF

POUND STERLING

Another worrying day for investors holding Sterling-denominated assets as the Pound failed to gain ground following positive UK data. This time, April’s UK Retail Sales figure showed a better-than-expected monthly increase of 1.1%, but the Pound still lost ground against the Euro and the Greenback. NEAR-TERM OUTLOOK – NEUTRAL TO NEGATIVE.


US DOLLAR – The Pound Dollar exchange rate (GBP/USD) is 1.6174

The Dollar held its ground in the currency markets today as American equities markets struggled for direction. US Existing Home Sales figures for April came out below expectations earlier today and with the Greenback trading close to its strongest recent levels against the Pound and the Euro, possible technical weakness is possible for the USD. NEAR-TERM OUTLOOK – NEUTRAL TO NEGATIVE.


EURO – The Pound Euro exchange rate (GBP/EUR) is 1.1340

ECB Board Member Nout Wellink argued against the re-structuring of Greece’s debt when he spoke earlier today. Wellink feels that a re-organisation of the debt would risk spreading contagion through the whole of the Eurozone’s banking sector. The market has responded positively to his comments. NEAR-TERM OUTLOOK – NEUTRAL TO POSITIVE.


AUSTRALIAN DOLLAR – The Pound Australian Dollar exchange rate (GBP/AUD) is 1.5234

The Australian Dollar has had a softer day in the markets during today’s session as the recent move forward for global equities faltered. Australian weekly wage figures released overnight were weaker than expected, paring investors’ expectations of an RBA rate rise before the Autumn. NEAR-TERM OUTLOOK – NEUTRAL.


CANADIAN DOLLAR – The Pound Canadian Dollar exchange rate (GBP/CAD) is 1.5690

The CAD initially made gains on the day as it moved in step with global oil prices. However, these gains were pared as the North American session began and oil prices dropped off. Tomorrow morning’s Canadian inflation data will have a strong bearing on future levels for the Canadian Dollar. NEAR-TERM OUTLOOK – NEUTRAL TO NEGATIVE.


SWISS FRANC – The Pound Swiss Franc exchange rate (GBP/CHF) is 1.4281

This morning’s Swiss ZEW Survey proved disappointing, setting in motion a day of losses for the Swissie. With today’s mixed performance in global equities markets and the Franc having gained a lot of ground in a short space of time against the other majors, downside is possible. NEAR-TERM OUTLOOK – NEUTRAL TO NEGATIVE.

For other live currency exchange rates and a currency converter see the currency news website.

TAGS: American Dollar Forecasts Australian Dollar Forecasts Canadian Dollar Forecasts Currency Predictions Euro Forecasts Pound Australian Dollar Forecasts Pound Canadian Dollar Forecasts Pound Dollar Forecasts Pound Euro Forecasts Pound Sterling Forecasts Pound Swiss Franc Forecasts Swiss Franc Forecasts